Arjun Sethi, co-CEO of Kraken, told DL News in a recent interview that the exchange aims to grow into the largest crypto platform in the world. He said Kraken is not rushing to go public even as other crypto firms list on stock exchanges.
Instead, the company is buying firms and adding services to widen its reach. Sethi says the plan is to grow steadily and focus on strategic moves that fit Kraken’s roadmap.
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IPO talk and FOMO
Speculation has swirled that Kraken could file for an IPO as early as Q1 2026. Sethi pushed back on that. He said Kraken has no fear of missing out. He added that if the team felt pressured to join a public market rush, they would have filed already.
The co-CEO pointed to last year’s market ups and downs and regulatory hurdles as reasons past plans were delayed.
M&A moves and strategy
Rather than a filing sprint, Kraken has spent time on acquisitions, and the exchange bought NinjaTrader for $1.5 billion. It also acquired Breakout, a prop trading firm built on evaluation-based funding.
Sethi said these deals were not opportunistic, and he said Kraken looks for deep alignment with its product roadmap. UnoCrypto reported that Kraken will use Breakout to launch a global program that can offer skilled traders up to $200,000 in notional capital.
Sethi was clear about how Kraken chooses targets, as he said, “We are not on an acquisition spree.” The company will still evaluate fits that add clear value. He noted that Breakout and NinjaTrader match Kraken’s goals for trading services and retail access.
New services and partnerships
Kraken has broadened its product set in recent months, as the company now offers custody services and prime brokerage. It has struck deals with partners to reach more customers.
These include a tie with Dutch challenger bank bunq and an agreement with a major French bank. Kraken also works with Alpaca to expand services for corporate clients.
The exchange is preparing payment features and a debit card, moves that mirror some fintech plays. Sethi stressed that Kraken is not trying to become a bank or a broker. He said the aim is to provide crypto services that serve both retail and institutional users.
Business mix and targets
Sethi set a revenue mix goal where institutional clients make up 1/3 of revenue, with retail and mid-market traders providing the rest. He did not reveal how close Kraken is to that split. The co-CEO asked reporters to focus on EBITDA as a measure of business health, as he said Kraken is EBITDA positive.
Financial snapshots
Kraken reported $412 million in revenue for Q2 2025 and an EBITDA of just under $80 million. The company’s valuation was put at $15 billion in March, ahead of the NinjaTrader deal.
Sethi did not confirm a current valuation, and for context, he noted larger rivals and new listings in the sector but focused attention on liquidity as a key competitive edge.
Kraken faces stiff competition from both crypto-native rivals and large fintech firms. Some of those firms were listed on public markets this summer.
Successful IPOs Under Trump’s Presidency
Earlier this month, Gemini, founded by the Winklevoss brothers, went public under the ticker GEMI on the NASDAQ and raised $425,000,000 IPO this month. At press time, the exchange has a market cap of 2.834B and trading at $24 a share.
Also in August, Bullish Group valued the company at around $5.4 billion and raised approximately $1.1 billion from 30,000,000 common shares by pricing an enlarged IPO at $37 per share.
The world’s second-biggest stablecoin issuer, Circle, had a successful first day IPO in June. The stock saw a remarkable surge, starting the day at $69, up 122.5% from its $31 IPO price.
This clearly shows how successful crypto IPOs have been this year, especially after Donald Trump came to power, as the people gained confidence in the space.
Sethi argued that liquidity matters more than volume, and he said Kraken has global liquidity access and placed the exchange among the top three worldwide on that metric. That focus on depth of market is a central part of Kraken’s pitch to institutional clients.
Profitability and growth outlook
Sethi described Kraken as a profitable company when measured by EBITDA. The firm declined to disclose net profit after other adjustments, and he said rising institutional demand and recent deals should drive further growth.
The company expects its revenue base to expand as it rolls out new services and integrates recent acquisitions.
Kraken will weigh more deals, but only those that fit the plan. It will keep building payments, trading and custody tools while growing institutional ties. The Breakout program and NinjaTrader both feed into that push.
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